My band wants to record a demo to give to some independent labels. We don't have a whole lot of money. We can't really go over $150. What would be the best way to spend this money to make a decent demo.
Instead of trying to finish it off as quickly as possible save some money! I mean seriously!

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DIY. We did our first demo ourselves via Garage Band, and it came out decently (nothing stellar, but you could hear a discernible song in it). Use audacity and get your mitts on some mics and a mixer.
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Quote by Burgery
Instead of trying to finish it off as quickly as possible save some money! I mean seriously!

Im super-duper cereal!

this, realistically you don't need a lot of money but what you do need is at least 3-5 mics for drums (and thats not including your recording setup and if you're doing it via pc then getting an audio card and wiring it) and some GOOD speakers in an acoustically treated room. this doesn't mean a $100 stereo and egg crate foam on the wall.
for $150 you can basicly hang a mic in the middle of the room while playing and hope it sounds good. which it wont.

well, thats not entirely true. you dont have to hang the mic in the middle of the room. you can record everyone individually, one by one. problem is, when you get to the drummer you are basicly sticking that mic in the middle of the room again. and mics that are good for guitars arent the best for vocals or drums or bass or whatever.

i suggest at minimum getting something like this, even if it is a bit more than $150. you get a solid interface, decent mic and some moniters. then download the program Reaper and you will be on your way. use the mic for vocals and a single overhead on the drums. record the guitars and bass DI, and use this thread to get some decent VST amps on your guitars.
If it is just 1 song you are going to do, find a small studio maybe a one man band type of thing and see if they will do it for $150 practice the song so you only have to do it once or twice. Sometimes people are in need of some cash and will help you out.
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Just get a cheap interface (Studio UX1 from Line 6 for example) and get Superior or EZDrummer. You'll be all set to record your own demos. The only thing you would have to pay for is mixing. There's lots of affordable mixing services around, even on this forum.
Thanks for the feedback I think were going to look into the M Audio recording package.
As someone else has said, ask around. I know I'd record a song for you for $150 but I'm in the UK. I'm sure there's got to be someone in your area who'll do it. There's a guy I know here who does a whole days recording in his very decent studio and masters it for £180.